Open a new image, 300 by 300 pixels or smaller, and fill with colour of choice. Apply any effects you wish, then Effects – Geometric effects – Spherize (Strength 100 %). Layers – New Raster layer, then add a small x using any font you like in a contrasting colour, Objects – Align – Center in Canvas. Use you Selection tool set at Circle to draw a circle starting from the x.
Selections – Invert, go to your colour layer and Cut. Select none. You can now hide or delete the layer with the X.
At this point, you can add an inner bevel using the programme’s Effects – 3D effects – Inner bevel option or use the Eyecandy Bevel filter.
With you text tool type in the letter you want on your bead, using a darker complementary colour. Objects – Align – Center in canvas or use the move tool to position it where you want it to be. Convert to raster. Selections – Select All – Selection Float – Selection Defloat. (At this point, I applied a pattern with the Airbrush tool.) Apply an Eyecandy Glass effect or any other effect you wish. I also played around with the blend mode. The one on the left has the blend mode set at Luminance, the one on the right has the blend mode set at Overlay.
Keep selected, then Selections – Modify – Expand by 2 or 3 pixels.
Layer – New Raster layer, then go to Effects – 3D Effects – Cutout. Choose a dark colour complementing your letter colour for the shadow colour. You will need to play around with the settings, depending on your letter type and its colour. (I used Vertical: 7, Horizontal: 5, Opacity: 81, Blur: 7, and a dark blue shadow colour.)
Select none, merge visible and you’re done!
You can also use a pattern tile for a background, as on this one.