Yes, it is possible, if your table is part of a database.
You can use a trigger. They are defined in table designer, and are executed automatically on append, update and delete.
gambhir, each table and view have field properties, where you can define default value expression for each field. It is regular VFP expression, where, for example, you can reference any global variable or VFP functions. In your case, just put into default value box for you date/time field in table/view designer 'DateTime()'. When every new record added, this field will be filled by that expression - by current time.
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