Extra Wire?

I recently sent my altenator out to be rebuilt as I thougt it was the cause of my battery draining. When I would disconnect the "exciter" wire from the top of the altenator, the voltage drain would stop (putting the voltmeter in series between the disconnected cable and the battery post.
The guy who rebuilt my generator, converted it to a "single post" style and my question is, what do I do with the exciter wire?

By the way, I still have something drawing from the battery if anyone has any ideas.

 

Not sure if you meant that you had the voltmeter in series with the positive battery post or negative?

I've used a test light in series with the neg-terminal & the neg batt cable, then yank fuses until the light goes out.

 

Had the VM touching the neg side of battery with the other end toucing the ground cable (disconnected from batter). Should have indicated 0 volts, but was getting 12 telling me that something is drawing voltage (current).