GL Tables Partitioning with daily and monthly periods

This implementation(bank) has a requirement for 'daily periods' (01-Jan-2010 ...31-Dec-2010 ) and 'monthly periods' (Jan-2010 ...Dec-2010)
They are also using multiple sets of books, multi-org.
Please advise how to best partition GL tables to best serve those requirements.
Secondly,
Has anybody tried using an on-update trigger on GL_PERIOD_STATUSES to automatically create partition?
if CLOSING_STATUS changes to 'F' or 'O'
and period_name not in dba_tab_partitions
create partition
We plan to use GL_PERIOD_STATUSES because GL_PERIODS.period_name
still changes until the period_name becomes used.
Is there a much better way of doing this?

Thanks for the reply Sandeep.
Banks in our location are regulated by central bank and subject to daily report requirements, therefore the daily periods.
gl_balances and gl_je_lines are the two tables we are looking to partition.
estimated records for daily is around 500K to 1M.

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