If it's not where others said it was on a '96, your car simply doesn't have it. Your car is probably a early '95 model so it'd then be more like a '94 and not have the OBD2 connector under the coin tray.
Volvos $6K scan tool is still able to read codes and monitor info through the connectors where you normally read codes manually using another special tool adaptor that gets its power source from the battery. I'd guess that if one was really determined to do so, you could try going that route too but as far as code reading is concerned, you don't need to do all that and it's a waste of time IMHO. I never use a scan tool for any pre-'96 cars as I don't need to for any reason. I can get codes and fix the cars w/o the scan tool. That's a #1 reason why some people looking to buy a used 850 might prefer buying a pre-'96 car, no need for a scan tool so most DIYs can easily get codes and fix their own cars.