When I’m designing, I usually design my layouts in Photoshop. Whenever possible I try to use shapes so they can scale to any size in the future because I try to keep in mind that new equipments may become available in the market and when that happens I may have to export bigger versions of my graphics to support them.
Let’s say you design you app layout in hdpi, so your layout has 480px x 800px or 480px x 850px. Don’t forget to set the image resolution to 240 dpi’s.
Now, to convert your layout to mdpi, ldpi and xhdpi, do an “Image Size” and set resolution. Make sure “Scale Style”, “Constrain proportions” and “Resample Image” are all selected.

To convert to mdpi set a resolution of 160 dpi’s
To convert to ldpi set a resolution of 120 dpi’s
To convert to xhdpi set a resolution os 320 dpi’s
Important note: You may have to adjust some graphics after being automatically scaled because anti-aliasing may occur and your graphics may get blurred, for instance let’s say you have a line with one pixel in hdpi, if you scale it to mdpi you may get a very dimmed version of that line, since photoshop wasn’t able to scale something that was already one pixel… so you need to pay attention to that kind of detail and redo that line. When you’re not working with vector graphics and shapes, it’s better to start with a xhdpi version of your app and start scaling down.
Also bare in mind that:
hdpi to mdpi -> divide by 1.5
hdpi to ldpi -> divide by 2
hdpi to xhdpi -> mdpi x 2