I will check out your suggestions, however for now i have solved like this

SOLVED WITH THIS: 
db.define_table('timecard',
                Field('tc_date','date'),
                Field('employee', 'reference 
employee',requires=IS_IN_DB(db,'employee.id','%(fname)s %(lname)s')),
                Field('myid', unique=True, compute=lambda r: str(r.tc_date) 
+ str(r.employee))
                )
#validate that only one timecard is created per employee per day
db.timecard.tc_date.requires = 
IS_NOT_IN_DB(db(db.timecard.myid==str(request.vars.tc_date)+str(request.vars.employee)),
 
'timecard.tc_date')
db.timecard.employee.requires.append 
=IS_NOT_IN_DB(db(db.timecard.myid==str(request.vars.tc_date)+str(request.vars.employee)),
 
'timecard.employee')


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