Yes, the Rosemount 8714D can check your transmitter. This magnetic flow tube simulator can create exactly the voltage you need to recalibrate your transmitter or just make sure that it works. Keep in mind, though, that the manual recommends against Rosemount 8712 testing unless you have accuracy problems.
Usually, Emerson technicians use the 8714D to precisely calibrate the devices before it leaves their labs. However, if you have a problem with the transmitter, you can simulate your flow tube to try to discover the issue.