Due to the tool-less fabrication of parts and the high degree of geometric design freedom, additive manufacturing is experiencing increasing relevance for various industrial applications. In particular, the powder bed fusion of metals using a laser beam (PBF-LB/M) process allows for the metal-based manufacturing of complex parts with high mechanical properties. However, residual stresses form during PBF-LB/M due to high thermal gradients and a non-uniform cooling. These lead to a distortion of the parts, which reduces the dimensional accuracy and increases the amount of post-processing necessary to meet the defined requirements. To predict the resulting residual stress state and distortion prior to the actual PBF-LB/M process, this paper presents the finite-element-based simulation tool AscentAM with its core module and several sub-modules. The tool is based on open-source programs and utilizes a sequentially coupled thermo-mechanical simulation, in which the significant influences of the manufacturing process are considered by their physical relations. The simulation entirely emulates the PBF-LB/M process chain including the heat treatment. In addition, algorithms for the part pre-deformation and the export of a machine-specific file format were implemented. The simulation results were verified, and an experimental validation was performed for two benchmark geometries with regard to their distortion. The application of the optimization sub-module significantly minimized the form deviation from the nominal geometry. A high level of accuracy was observed for the prediction of the distortion at different manufacturing states. The process simulation provides an important contribution to the first-time-right manufacturing of parts fabricated by the PBF-LB/M process.