How to create Item Codes with multiple Item Description

Hi,
for one of my client, we need to create Item Codes with multiple Item Description.
e.g.,
Item Code - M00285
Item Description 1 - Blue Paint
Item Description 2 - Red Paint
Is that possible in SAP Business One? If "Yes" kindly provide a solution. Else recommend an alternative method.
Regards,
Ammheya U. Naaik

Ammheya,
I just wanted to add that there is an Add-On that handles "Style, Color, Size" situations like yours.
It allows you to define a "master" item, (Paint, for example) and then setup the various styles, colors and sizes it comes in. 
This creates sub-items for each with the master in the ItemCode (Paint-Blue, Paint-Red, etc)
It's called MatrixOne from Navigator.  You could find it on the partner portal with other Add-Ons.
Hope thathelps,
Brad Windecker

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