Here's a quick run down.
This is just what I do... there are probably better ways of doing it... and I'm sure someone will chime in with a better way, but this is what works for me.
First, with the machine turned off... I wedge my ground probe from my DMM (I call him Mr. Fluke) into the ground socket. I use the Yellow/White wire because, well... it's ground. You CAN use the Yellow/Black wires, but you're readings will be off by a few tenths of a volt... So why bother.
With that wedged in, I turn the machine on and then start to check the +5V lines, on my machine they're blue, according to the manual, they're supposed to be red. No idea... I didn't make the thing. You can see here they're a little low... I turned it down on purpose so I could show you how to adjust it... but I figured that would be self explanatory after the a few pictures down, so I decided to skip that.
I check each of the blue wires at the board... if you don't trust your PS, then don't plug the boards in, check it on the back of the board connector. Where each wire is attached to the connector, there will be a little area just below that which is bare metal... pretty much meant to be used for checking voltage.
After that, I check at the +12V line, It's orange on my machine, and orange according to the manual. But just in case, it's the connection pictured here.
You're going to want at least +5V and +12 on those lines. +5 on the blues, +12 on the orange. A little over doesn't hurt, but a lot over can. So... between 5 and 5.2'sh on the blues, and 12 and 12.2 on the orange...
Turning the potentiometers on the PS will adjust the +5 and +12. I do it while the machine is on, mainly because I'm dumb and a glutton for punishment... I'd recommend turning the machine off each time you do an adjustment. After you turn in a little, something in the neighborhood of 1/20 a revolution, check again and go from there.
And ignore that resistor in the first picture. That's the resistor that had to be replaced when I did the battery conversion... I didn't want to lose it or have to look it up again later if I decided to do anything else, so I just tacked it onto the board on an unused pad just to save it.