In a mixing bowl, beat cream cheese and unsalted butter until smooth. Gradually incorporate powdered sugar until combined. Fold in dried cherries, pecans, bourbon, and vanilla extract until mixed.

Cover the bowl with plastic wrap and chill in the refrigerator for at least 1 hour or freeze for 20-30 minutes until firm.

Scoop portions of the chilled mixture and roll into bite-sized balls. Place on a parchment-lined baking sheet and chill for another 20 minutes.

Melt chocolate and coconut oil in a microwave-safe bowl in 30-second intervals until smooth.

Dip each ball into melted chocolate, allowing excess to drip off, and place back onto parchment.

Let the coated balls sit at room temperature or refrigerate for 15-20 minutes until chocolate hardens.