For SharePoint online the list view threshold limit be modified (the list view threshold is 5,000). You can modify this limit in SharePoint on-premises, but not Office 365. You will receive the following error message when selecting a view of a list which contains items more than threshold limit (5000):
The number of items in this list exceeds the list view threshold, which is 5000 items. Tasks that cause excessive server load (such as those involving all list items) are currently prohibited.
To overcome this issue, review the recommendations, techniques, and tips outlined in the “Ways to manage lists and libraries with many items” section of the “Manage lists and libraries with many items” guidance located at the following Microsoft website: Manage lists and libraries with many items
You can also checkout this thread: https://community.office365.com/en-us/f/148/t/79787
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