The process of creating a released item is basically the same in AX7 if you are familiar with AX2012. With the new UI we have some new options of how we access that functionality, for example the category and product management workspace. From here you have an option to create the released item in the company you are working in.
Here is a quick overview.
AX7 Build 7.0.4230.16130
As well you can have a look at the released product maintenance workspace.