In a large bowl, mix together softened butter and can of sweetened and condensed milk.
Add in coconut and beat to combine.
Slowly add in powdered sugar and beat to combine.
Refrigerate mixture for at least 1 hour or overnight.
Line your work surface with wax or parchment paper.
Melt chocolate wafers. If using the microwave, pour chocolate into a microwave safe bowl and micrwave for 20 second intervals, stirring between each interval until chocolate is melted.
Take tablespoons of coconut mixture and roll into balls. Dip balls into melted chocolate and place on wax paper to dry. Once they are dry you can stripe them with color if desired.
If you'd like to add almonds in, press 1 almond into your coconut ball before dipping. Dip as usual.
If you'd like to stripe your coconut bon bons, melt 6 ounces colored candy melts in the microwave. Place into a piping bag or zip top bag. Snip off the very end and drizzle the melted chocolate over the finished bon bons.