Help with New Payroll Code

Is it possible to have a payroll code that will allow me to enter a 'day rate' i.e. $160.00 per day but also keep track of insurable hours? So on the timecard, I want to enter 5 days work, it will come up with the day rate of $160.00 and multiply it by 5 days to get the gross pay. In the meantime, I want the program to save the insurable hours as 40 hours (5 days x 8 hours per day). Does anyone know how to achieve this goal?