Per Diem Calculation based on Time of Arrival

Summary:

Requirement is to create a Per Diem policy where the Time of Arrival is the basis of how much per diem will the employee receive

Content:

Employees who arrive to the destination before 4pm local time are entitled to full day per diem and half day per diem post 4pm arrival.

Employees who arrive back home from a business trip any time between 00 and 08 am should not be entitled for per diem subsistence for the day they are travelling back.

I understand that we have the option to use 'Daily Time Range Rates' but not sure if it will accommodate my requirement.