Seems like that you are using a prebuilt or custom system. Its hard to help without knowing what you are working with including your structure.
Can one use FM to track attendence.... yes... Can your system be easly modified to accommodate this request... not sure.
As what the previous poster stated it is hard to say what will work with your system without knowing how it is set up. But you could write a fairly easy script to track this kind of information. If you have a system set up to track employee hours then you could set up a new field for each employee's "start time", and another field that will be your "tardies" or "Absences"
Make a script that loops through all your records when you want it to, and search for entries that happened past the start time or not at all for absences. Increase the tardy/absence field by 1 whenever a record matches the critieria. You could also set in your loop a if check to see if the employee has exceeded the acceptable amount of tardy/absences and display those employees in a new report.
That is the non-technical explaination for you anyway :)
Depending on how you set this up, you may not even need a script.
cTardyFlag : (TimeArrived - TimeExpected)/60 > GracePeriod
sTardyCount (Summary, Total of cTardyFlag)
If you Log each employee's arrival in this table, you can simply perform a find for a given employee, specifying a range of dates and sTardyCount will show the total number of tardies. You can also build a summary report that lists all employees and sTardyCount can be used to give you a break down of how many times each employee was late.