This step is often optional and rarely done for an established PCB design environment. However, for a new environment, the libraries that come with the tools may not include everything needed.
A “symbol” in this context is a symbolic graphical construct that represents a particular device or circuit. A symbol often does not look anywhere close to the physical part, as that is not important for a symbol. What is important is the logical pins of a symbol. If the device represented has 8 pins, then the symbol must have 8 pins.
Furthermore, a symbol often have pins that are captioned to let people the functions of the pins.
For certain symbols, such as resistors and capacitors, they are usually drawn in a universally recognized way.
In summary, a symbol: