Open IIS Manager.
In the Connections tree view, select your website.
In Features View, double-click Logging.
In the Log File Rollover section, select one of the following options:
Schedule: to create new log file that is based on one of the following values:
- Hourly: a new log file is created each hour.
- Daily: a new log file is created each day.
- Weekly: a new log file is created each week.
- Monthly: a new log file is created each month.
Maximum file size (in bytes): to create a log file when the file reaches a certain size (in bytes).The minimum file size is 1048576 bytes. If this attribute is set to a value less than 1048576 bytes, the default value is implicitly assumed as 1048576 bytes.
Do not create a new log file: there is a single log file that continues to grow as information is logged.
https://docs.microsoft.com/en-us/iis/manage/provisioning-and-managing-iis/configure-logging-in-iis
(emphasis mine)