This is a great way to communicate to your parents how their child performed in school that day. You can customize the left column to fit with your daily schedule. I find that it helps to have my students take part in monitoring their behavior (I'll ask, "Did your behavior earn you a happy face or sad face?"). This is a great resource for children with special needs to have them become aware of their behavior.
Parents have also used this as an incentive program at home. For example, if they child earns all happy faces at school that day, they may earn some sort of reward.
There is a space on the right side for both teacher and parent comments. I ask my parents to initial each page to show that they read today's notes. I keep all these notes in a folder that gets sent between home and school daily.