Line a baking sheet with wax paper. Set aside.
In a large bowl, stir together butter, powdered sugar, vanilla, coconut, condensed milk, and pecans. Fold in chopped cherries. Refrigerate mixture for at least two hours.
Using a small cookie scoop, scoop out and roll into balls. Place onto prepared baking sheet. Chill until firm, about 20 minutes.
Once firm, add chocolate coating to a microwave-safe bowl and melt according to package instructions. Dip balls in melted chocolate, shaking off excess. Place back on wax paper and allow to sit until firm. Enjoy!
