I don't see why not, in IT 8 you can store the period amount and then divide the pay period amount by the number of days that fall within the pay period. Standard payroll rules can query the employee's planned work schedule for the divisor.
The other option is create a specific valuation basis. /001 is standard for the hourly rate, but another one can be calculated in the payroll schema for the daily rate. This valuation basis can be then used to multiply out the any earnings based on the daily rate of pay.
For example, OT based in 150%, could be set up to use this custom valuation basis based on 150%. This is all standard setup within T512W once the average (valaution basis) is created.
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