Start with your shape on a new layer. Try experimenting with a shape of your own.
I drew this with the polygon lasso tool an filled it with green.
I chose 10 pixels
Your selection is now contracted.
Now to make the groove.
I chose 5 pixels
Now to add the bevel:
Add the layer styles (press the little f on the bottom of the layers palette.)
Choose the inner bevel option
*Optional: add a drop shadow too.
If you want you can add some text, select it, switch to the object layer and hit del/backspace to chisel out some text.
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