In the following example, shortcut is not working because setText() function overwrites the already defined shortcut:

QToolButton *pToolButton = new QToolButton; 
pToolButton->setShortcut(QKeySequence::Find); 
pToolButton->setText("Test"); 

Can be reproduced at least with QToolButton and QPushButton.

The following works as setShortcut() function is used after setText() function:

QToolButton *pToolButton = new QToolButton; 
pToolButton->setText("Test"); 
pToolButton->setShortcut(QKeySequence::Find);

This is a problem when the button texts are translated dynamically because the already defined shortcut is removed.

Please see the attached zip file for an example project.