First you should have a fully charged battery. It can be new or used but should be producing an optimum voltage.
Then, disconnect everything from your UPS and connect the voltage meter or multimeter.
Important thing is that you have to apply some load to your UPS to read the voltage properly.
So 50+ Watt of load is best to judge the load voltage. Lower than that, and you wont get proper results. I didn't, at least.
If you can connect only a fan to it, then that is good. Switch it on at full power and let it run for 5 minutes.
Target 240V IMO and also, Talha suggested the same a few pages back. Don't know why he is suggesting 250 now.
Care to shed some light here Talha?. 