Battery not charging on this unit. charged battery overnight. Voltage is 12.3 VDC when tested with voltmeter. Machine starts right up and voltage still shows 12.3 VDC when running. How do I tell whether the problem is Alternator or regulator?
Excellent.
You should have a 3 terminal regulator rectifier on that engine.
The two outer ones are the AC input check them with your meter set to AC.
you need to see 25 VAC to 40 VAC between them.
If that is good then check the earth strap to the body of the regulator.
Check the third wire , it should read 0 V between it and ground and battery voltage when the ignition is turned on
IF not there is a break between it and the ignition switch or the ignition switch is duff.
If I can find a wiring diagram I will check for a fuse betwee the regulator output and the battery.
Do not buy any parts untill some one here identifies that the part is broken.