You didn't walk far enough into the Balance School. There are actually two books in there. One is near the entrance (the Balance book) and the other is all the way in the school to the right of Alzarhed.
I found the scroll the book but where is the obelisk at???? HELP running in circles Thank you
Obelisk is in the Vault of Ice with the very last battle. You must defeat all 3 of the first bosses, solve the puzzles, and then go into the last vault and defeat that boss. Don't forget to rub the obelisk before you leave or you'll have to do it again.