Previously the Joomla core files updates were in the Update section of the Extensions Manager.
Now as of version 2.5.4 it appears in the Components menu as "Joomla! Update".
The Update Manager in the Extensions Manager will still be used for updating Third Party Extensions not part of the core files.
If the "Joomla! Update" Component does not appear follow the steps below.
Using phpMyAdmin in your CPanel (or other database admin tool) run this SQL on the Joomla database:
(replace #_ with your tabel prefix so you have prefix_menu)
UPDATE #__menu
SET component_id =
(SELECT extension_id FROM #__extensions WHERE name = "com_joomlaupdate")
WHERE title = "com_joomlaupdate"
Then run this SQL: (replace #_ with your tabel prefix so you have prefix_menu)
INSERT INTO `#__menu` (`menutype`, `title`, `alias`, `note`, `path`, `link`, `type`, `published`,
`parent_id`, `level`, `component_id`, `ordering`, `checked_out`, `checked_out_time`, `browserNav`,
`access`, `img`, `template_style_id`, `params`, `lft`, `rgt`, `home`, `language`, `client_id`)
VALUES ('menu', 'com_joomlaupdate', 'Joomla! Update', '', 'Joomla! Update',
'index.php?option=com_joomlaupdate', 'component', 0, 1, 1, 28, 0, 0,
'0000-00-00 00:00:00', 0, 0, 'class:joomlaupdate', 0, '', 41, 42, 0, '*', 1);
Now the Joomla! Update Component should appear in the Components menu.
The Joomla Updates Component looks like this: