It depends on whether you want to measure amps into your batteries or amps being used out of the batteries. For amps in, the ammeter goes between the alternator and the batteries, and for amps out, it goes downstream of the batteries. The meter goes in the live wire only. You cut the wire and connect each cut end to opposite sides of the meter. There is no connection to the negative side.
MD7a has a dynostart, the 7b has the alternator, unless you have both like my MD6a.
My hand book is on boat, anyone with one at home? Thay had an ammeter on later 7a's, so should be in handbook.
You can avoid the mess and extra wire at the battery by connecting the battery cable to the starter motor terminal, under the same nut that hold the main lead there. Also less chance of damage from acid in this location.