A battery at 12.34 V is partially depleted. Voltage checks of the charging system must be done with fully charged battery. Your reported numbers are low, but perfectly understandable for a battery undergoing a charge.
Since the alternator cannot keep up with the bike electrical load at idle, the battery will deplete while idling.
As the alternator revs up, it makes more power, enough to provide for the electrical load plus begin to recharge the battery and the voltage should rise...slowly. Do not expect to get instantaneous voltage changes as the battery's charge accumulation time adds delay to the readings.
The voltage regulator is supposed to reduce alternator output when the battery reaches 14.5 V, as this is the voltage of a fully charged wet cell 12V battery while being charged. If you continue to put power into a fully charged battery, it can overheat, lose electrolyte, and damage the battery.
Measuring the Vreg trip voltage on the bike can be tricky, and dependant on the meter you use to do the measuring.
When the battery is full, the vreg shuts down the alternator. The battery drains a bit and voltage falls below trip point and the regulator turn the alternator back on. When the engine is reving and the battery is near full, this on/off cycle can be rapid. So, you may not see the full 14.5 very consistently. You should not see more then 14.7V ever, as during a long cruise, the battery will almost certainly be damaged.
Cheers,
