In a large mixing bowl, beat together softened butter, vanilla, and sweetened condensed milk until the mixture is smooth and creamy.
Add the powdered sugar and beat until combined.
Mix in the coconut, cherries, and pecans. Cover the bowl with plastic wrap and refrigerate for 1 to 2 hours to firm up the mixture.
Line two large sheet pans with parchment paper.
Use a 1½ tablespoon scoop or a melon baller to form balls from the chilled mixture. You can roll the balls in the palms of your hands to make more even, uniform balls from the mixture.
Place the formed balls onto parchment paper and place the sheet pans back into the refrigerator.
Place the chocolate chips and shortening in a large, microwave-safe bowl. You can also divide the chocolate chips and shortening in half and work on dipping one half of the candies at a time.
Heat chocolate in 30-second increments, stirring between each until chips are mostly melted.
Stop heating and continue stirring until the mixture is fully melted and smooth.
Use a fork to dip and roll each candy ball in the melted chocolate. Lift from the chocolate, tap to remove excess chocolate, and place back on the sheet of paper to set.
Continue dipping and setting all of the balls. Dipped candies can be placed back into the refrigerator to set more quickly.
