Apache log files getting too big , how do I make it save on a per-day basis

Apache combined log files are getting too large each day in a single file, it is hitting over hundreds megabytes,

Which is a quick way or how can i configure to store files per day basis?

Will this work ?

CustomLog "|/usr/sbin/rotatelogs -l /var/log/httpd/access.log.%Y-%m-%d 2419200"

operating on LINUX

use rotatelogs

CustomLog "|/usr/sbin/rotatelogs PATH_TO_LOG_DIR/access_log.%Y%m%d 86400 -360" common

As you are using linux, you can use the logrotate. Something like this which is lifted from an Ubuntu system I have handy but note you'll probably need to modify it for other distributions.

/var/log/apache2/*.log {
        daily
        missingok
        rotate 7
        compress
        delaycompress
        notifempty
        create 640 root adm
        sharedscripts
        postrotate
                if [ -f "`. /etc/apache2/envvars ; echo ${APACHE_PID_FILE:-/var/run/apache2.pid}`" ]; then
                        /etc/init.d/apache2 reload > /dev/null
                fi
        endscript
}

If you are using Linux then logrotate. Or you can log to a remote server directly for example with syslog-ng.