Using same quicken file on two computers

RE: How do I set it up so that any transactions I make on my laptop OR my PC will show up on the other

You can't, not the way you are thinking. That is not the purpose of Quicken's SYNC function.

The method to use Quicken on two or more computers is by physically copying your data file (Your_file.QDF) from one to the other (via a thumb drive for example). And you need to do this back and forth every time and delete the prior one, hence keeping track of your latest file is vital otherwise you risk data corruption. I cannot emphasize the importance of this enough. This method is somewhat of a pain but it works. Always make a back up every time.

The other option is to access Quicken via their Web, or use the Mobile app as your travel companion. And that is the purpose of the SYNC, to make the data available to the Quicken's Mobile & Web platforms. Note: Most SuperUsers and experts do not use the mobile & web and recommend turning off the SYNC function completely (in Preferences > Mobile & Web) due to the history of sporadic issues and I suggest that you research it on this community and decide for yourself.

Given the two options, I would recommend using the first method for your purpose and be vigilant about always and only using the latest data file. Hope this helps.

Edit/Adding: If the only purpose is paying bills while you travel, the third option is to not worry about Quicken and instead use your bank's website to pay the bills while you travel. Of course you already thought of that.

My quicken data file(s) reside in the same folder in my personal cloud.

I may be misunderstanding this. Are you saying that your Quicken data file is always on the cloud and that's how you launch it? If yes, there have been many reported issues running Quicken when the data file is not on your local drive - you have been lucky! I suggest to always physically copy the cloud file to your local drive and only run it from your local drive. Use the cloud as the backup storage location.

In the interim I had placed all my files in the cloud and has worked fine with the primary PC.

So the latest version of your file(s) is in the cloud, no data loss - great! And just FYI, I backup my Quicken file every time I use it. Backups are your friends.

Now that the primary PC down I would like to use Quicken on the backup machine. I haven't attempted that yet for fear it might corrupt the Quicken data file. Is it possible using a cloud stored Quicken file or not???

Yes it is - and going back to my first point, make sure that you copy the cloud file to the local drive of your second PC - no issues there.

But before opening it, let's talk about the version/release of Quicken on your second PC - and this is perhaps your corruption concern rightfully so. Although your current Quicken data file can work on an older release of Quicken (not too old), it is best to use the same release of Quicken program (or higher). So let's say the Quicken program release on your primary PC was R59.10 and on your secondary PC is R58.x. Although it will work, the best practice is to update the release of the Quicken to the same (R59.10) or higher on your second PC, before opening the data file. You can manually download and install the latest release from here.

Good catch @NotACPA , thanks. I didn't notice that. I now see that even the OP's profile indicates 2016! Perhaps they didn't update their profile.