diff --git a/erpnext/hooks.py b/erpnext/hooks.py
index f8c4288..c3cc1e4 100644
--- a/erpnext/hooks.py
+++ b/erpnext/hooks.py
@@ -371,7 +371,7 @@
 	],
 	"daily_long": [
 		"erpnext.setup.doctype.email_digest.email_digest.send",
-		"erpnext.manufacturing.doctype.bom_update_tool.bom_update_tool.update_latest_price_in_all_boms",
+		"erpnext.manufacturing.doctype.bom_update_tool.bom_update_tool.auto_update_latest_price_in_all_boms",
 		"erpnext.hr.doctype.leave_ledger_entry.leave_ledger_entry.process_expired_allocation",
 		"erpnext.hr.utils.generate_leave_encashment",
 		"erpnext.hr.utils.allocate_earned_leaves",
diff --git a/erpnext/manufacturing/doctype/bom_update_log/__init__.py b/erpnext/manufacturing/doctype/bom_update_log/__init__.py
new file mode 100644
index 0000000..e69de29
--- /dev/null
+++ b/erpnext/manufacturing/doctype/bom_update_log/__init__.py
diff --git a/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.js b/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.js
new file mode 100644
index 0000000..6da808e
--- /dev/null
+++ b/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.js
@@ -0,0 +1,8 @@
+// Copyright (c) 2022, Frappe Technologies Pvt. Ltd. and contributors
+// For license information, please see license.txt
+
+frappe.ui.form.on('BOM Update Log', {
+	// refresh: function(frm) {
+
+	// }
+});
diff --git a/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.json b/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.json
new file mode 100644
index 0000000..222168b
--- /dev/null
+++ b/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.json
@@ -0,0 +1,101 @@
+{
+ "actions": [],
+ "autoname": "BOM-UPDT-LOG-.#####",
+ "creation": "2022-03-16 14:23:35.210155",
+ "description": "BOM Update Tool Log with job status maintained",
+ "doctype": "DocType",
+ "editable_grid": 1,
+ "engine": "InnoDB",
+ "field_order": [
+  "current_bom",
+  "new_bom",
+  "column_break_3",
+  "update_type",
+  "status",
+  "amended_from"
+ ],
+ "fields": [
+  {
+   "fieldname": "current_bom",
+   "fieldtype": "Link",
+   "in_list_view": 1,
+   "label": "Current BOM",
+   "options": "BOM",
+   "reqd": 1
+  },
+  {
+   "fieldname": "new_bom",
+   "fieldtype": "Link",
+   "in_list_view": 1,
+   "label": "New BOM",
+   "options": "BOM",
+   "reqd": 1
+  },
+  {
+   "fieldname": "column_break_3",
+   "fieldtype": "Column Break"
+  },
+  {
+   "fieldname": "update_type",
+   "fieldtype": "Select",
+   "label": "Update Type",
+   "options": "Replace BOM\nUpdate Cost"
+  },
+  {
+   "fieldname": "status",
+   "fieldtype": "Select",
+   "label": "Status",
+   "options": "Queued\nIn Progress\nCompleted\nFailed"
+  },
+  {
+   "fieldname": "amended_from",
+   "fieldtype": "Link",
+   "label": "Amended From",
+   "no_copy": 1,
+   "options": "BOM Update Log",
+   "print_hide": 1,
+   "read_only": 1
+  }
+ ],
+ "in_create": 1,
+ "index_web_pages_for_search": 1,
+ "is_submittable": 1,
+ "links": [],
+ "modified": "2022-03-16 18:25:49.833836",
+ "modified_by": "Administrator",
+ "module": "Manufacturing",
+ "name": "BOM Update Log",
+ "naming_rule": "Expression (old style)",
+ "owner": "Administrator",
+ "permissions": [
+  {
+   "create": 1,
+   "delete": 1,
+   "email": 1,
+   "export": 1,
+   "print": 1,
+   "read": 1,
+   "report": 1,
+   "role": "System Manager",
+   "share": 1,
+   "submit": 1,
+   "write": 1
+  },
+  {
+   "create": 1,
+   "email": 1,
+   "export": 1,
+   "print": 1,
+   "read": 1,
+   "report": 1,
+   "role": "Manufacturing Manager",
+   "share": 1,
+   "submit": 1,
+   "write": 1
+  }
+ ],
+ "sort_field": "modified",
+ "sort_order": "DESC",
+ "states": [],
+ "track_changes": 1
+}
\ No newline at end of file
diff --git a/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.py b/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.py
new file mode 100644
index 0000000..10db0de
--- /dev/null
+++ b/erpnext/manufacturing/doctype/bom_update_log/bom_update_log.py
@@ -0,0 +1,117 @@
+# Copyright (c) 2022, Frappe Technologies Pvt. Ltd. and contributors
+# For license information, please see license.txt
+
+import frappe
+from frappe import _
+from frappe.model.document import Document
+from frappe.utils import cstr
+
+from erpnext.manufacturing.doctype.bom.bom import get_boms_in_bottom_up_order
+
+from rq.timeouts import JobTimeoutException
+
+
+class BOMMissingError(frappe.ValidationError): pass
+
+class BOMUpdateLog(Document):
+	def validate(self):
+		self.validate_boms_are_specified()
+		self.validate_same_bom()
+		self.validate_bom_items()
+		self.status = "Queued"
+
+	def validate_boms_are_specified(self):
+		if self.update_type == "Replace BOM" and not (self.current_bom and self.new_bom):
+			frappe.throw(
+				msg=_("Please mention the Current and New BOM for replacement."),
+				title=_("Mandatory"), exc=BOMMissingError
+			)
+
+	def validate_same_bom(self):
+		if cstr(self.current_bom) == cstr(self.new_bom):
+			frappe.throw(_("Current BOM and New BOM can not be same"))
+
+	def validate_bom_items(self):
+		current_bom_item = frappe.db.get_value("BOM", self.current_bom, "item")
+		new_bom_item = frappe.db.get_value("BOM", self.new_bom, "item")
+
+		if current_bom_item != new_bom_item:
+			frappe.throw(_("The selected BOMs are not for the same item"))
+
+	def on_submit(self):
+		if frappe.flags.in_test:
+			return
+
+		if self.update_type == "Replace BOM":
+			boms = {
+				"current_bom": self.current_bom,
+				"new_bom": self.new_bom
+			}
+			frappe.enqueue(
+				method="erpnext.manufacturing.doctype.bom_update_tool.bom_update_tool.replace_bom",
+				boms=boms, doc=self, timeout=40000
+			)
+		else:
+			frappe.enqueue(
+				method="erpnext.manufacturing.doctype.bom_update_tool.bom_update_tool.update_cost_queue",
+				doc=self, timeout=40000
+			)
+
+def replace_bom(boms, doc):
+	try:
+		doc.db_set("status", "In Progress")
+		if not frappe.flags.in_test:
+			frappe.db.commit()
+
+		frappe.db.auto_commit_on_many_writes = 1
+
+		args = frappe._dict(boms)
+		doc = frappe.get_doc("BOM Update Tool")
+		doc.current_bom = args.current_bom
+		doc.new_bom = args.new_bom
+		doc.replace_bom()
+
+		doc.db_set("status", "Completed")
+
+	except (Exception, JobTimeoutException):
+		frappe.db.rollback()
+		frappe.log_error(
+			msg=frappe.get_traceback(),
+			title=_("BOM Update Tool Error")
+		)
+		doc.db_set("status", "Failed")
+
+	finally:
+		frappe.db.auto_commit_on_many_writes = 0
+		frappe.db.commit()
+
+def update_cost_queue(doc):
+	try:
+		doc.db_set("status", "In Progress")
+		if not frappe.flags.in_test:
+			frappe.db.commit()
+
+		frappe.db.auto_commit_on_many_writes = 1
+
+		bom_list = get_boms_in_bottom_up_order()
+		for bom in bom_list:
+			frappe.get_doc("BOM", bom).update_cost(update_parent=False, from_child_bom=True)
+
+		doc.db_set("status", "Completed")
+
+	except (Exception, JobTimeoutException):
+		frappe.db.rollback()
+		frappe.log_error(
+			msg=frappe.get_traceback(),
+			title=_("BOM Update Tool Error")
+		)
+		doc.db_set("status", "Failed")
+
+	finally:
+		frappe.db.auto_commit_on_many_writes = 0
+		frappe.db.commit()
+
+def update_cost():
+	bom_list = get_boms_in_bottom_up_order()
+	for bom in bom_list:
+		frappe.get_doc("BOM", bom).update_cost(update_parent=False, from_child_bom=True)
\ No newline at end of file
diff --git a/erpnext/manufacturing/doctype/bom_update_log/test_bom_update_log.py b/erpnext/manufacturing/doctype/bom_update_log/test_bom_update_log.py
new file mode 100644
index 0000000..f74bdc3
--- /dev/null
+++ b/erpnext/manufacturing/doctype/bom_update_log/test_bom_update_log.py
@@ -0,0 +1,9 @@
+# Copyright (c) 2022, Frappe Technologies Pvt. Ltd. and Contributors
+# See license.txt
+
+# import frappe
+from frappe.tests.utils import FrappeTestCase
+
+
+class TestBOMUpdateLog(FrappeTestCase):
+	pass
diff --git a/erpnext/manufacturing/doctype/bom_update_tool/bom_update_tool.py b/erpnext/manufacturing/doctype/bom_update_tool/bom_update_tool.py
index c719734..fad53f0 100644
--- a/erpnext/manufacturing/doctype/bom_update_tool/bom_update_tool.py
+++ b/erpnext/manufacturing/doctype/bom_update_tool/bom_update_tool.py
@@ -10,13 +10,11 @@
 from frappe.model.document import Document
 from frappe.utils import cstr, flt
 
-from erpnext.manufacturing.doctype.bom.bom import get_boms_in_bottom_up_order
+from erpnext.manufacturing.doctype.bom_update_log.bom_update_log import update_cost
 
 
 class BOMUpdateTool(Document):
 	def replace_bom(self):
-		self.validate_bom()
-
 		unit_cost = get_new_bom_unit_cost(self.new_bom)
 		self.update_new_bom(unit_cost)
 
@@ -42,14 +40,6 @@
 			except Exception:
 				frappe.log_error(frappe.get_traceback())
 
-	def validate_bom(self):
-		if cstr(self.current_bom) == cstr(self.new_bom):
-			frappe.throw(_("Current BOM and New BOM can not be same"))
-
-		if frappe.db.get_value("BOM", self.current_bom, "item") \
-			!= frappe.db.get_value("BOM", self.new_bom, "item"):
-				frappe.throw(_("The selected BOMs are not for the same item"))
-
 	def update_new_bom(self, unit_cost):
 		frappe.db.sql("""update `tabBOM Item` set bom_no=%s,
 			rate=%s, amount=stock_qty*%s where bom_no = %s and docstatus < 2 and parenttype='BOM'""",
@@ -81,44 +71,29 @@
 	if isinstance(args, str):
 		args = json.loads(args)
 
-	frappe.enqueue("erpnext.manufacturing.doctype.bom_update_tool.bom_update_tool.replace_bom", args=args, timeout=40000)
+	create_bom_update_log(boms=args)
 	frappe.msgprint(_("Queued for replacing the BOM. It may take a few minutes."))
 
+
 @frappe.whitelist()
 def enqueue_update_cost():
-	frappe.enqueue("erpnext.manufacturing.doctype.bom_update_tool.bom_update_tool.update_cost", timeout=40000)
+	create_bom_update_log(update_type="Update Cost")
 	frappe.msgprint(_("Queued for updating latest price in all Bill of Materials. It may take a few minutes."))
 
-def update_latest_price_in_all_boms():
+
+def auto_update_latest_price_in_all_boms():
+	"Called via hooks.py."
 	if frappe.db.get_single_value("Manufacturing Settings", "update_bom_costs_automatically"):
 		update_cost()
 
-def replace_bom(args):
-	try:
-		frappe.db.auto_commit_on_many_writes = 1
-		args = frappe._dict(args)
-		doc = frappe.get_doc("BOM Update Tool")
-		doc.current_bom = args.current_bom
-		doc.new_bom = args.new_bom
-		doc.replace_bom()
-	except Exception:
-		frappe.log_error(
-			msg=frappe.get_traceback(),
-			title=_("BOM Update Tool Error")
-		)
-	finally:
-		frappe.db.auto_commit_on_many_writes = 0
-
-def update_cost():
-	try:
-		frappe.db.auto_commit_on_many_writes = 1
-		bom_list = get_boms_in_bottom_up_order()
-		for bom in bom_list:
-			frappe.get_doc("BOM", bom).update_cost(update_parent=False, from_child_bom=True)
-	except Exception:
-		frappe.log_error(
-			msg=frappe.get_traceback(),
-			title=_("BOM Update Tool Error")
-		)
-	finally:
-		frappe.db.auto_commit_on_many_writes = 0
+def create_bom_update_log(boms=None, update_type="Replace BOM"):
+	"Creates a BOM Update Log that handles the background job."
+	current_bom = boms.get("current_bom") if boms else None
+	new_bom = boms.get("new_bom") if boms else None
+	log_doc = frappe.get_doc({
+		"doctype": "BOM Update Log",
+		"current_bom": current_bom,
+		"new_bom": new_bom,
+		"update_type": update_type
+	})
+	log_doc.submit()
\ No newline at end of file