depends on what kind of meter you are running. if its one that does Coulomb counting to know state of charge you need to have the all power draw go through the shunt.
that Negative cable to generator is for starting the generator, its power consumption.
Also make sure you buy a large enough shunt. The Bogart system I use will work with a 100a shunt, will cause your meter to show .01a precision and the 500a shunt which cause your meter to have .1a precision. I have only used 500a shunts but watching the meter show the load jump around I have thought I would hate to have .01 reading on amps because even .1 jumps around as you watch the load.
Here is a tip. I take a piece of 1/2" copper pipe a couple inches long and flatten it with a hammer on anvil. than drill 2 holes in this pipe on each end that fit the battery bolt and bolt on Shunt.
use this flat pipe as a buss bar to connect the battery to shunt, plus it holds the shunt in place on top of the battery
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