1.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.
2.Make a selection around your object. Ctrl/Cmd+Click on the layer Thumbnail.
3.select>modify>contract.

I chose 10 pixels
4.Your selection is now contracted.
5.Now to make the groove.

Select>modify>Border
I chose 5 pixels
6.You should see the double selection now
7.Press the delete/backspace key to erase the object on the selection.

Deselect
8.8

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.

9.And the shape is now bevelled!

If you want you can add some text, select it, switch to the object layer and hit del/backspace to chisel out some text.